ACC 400 Week 3 Learning Team Assignment E11-1

Exercise E 11-1Michelle Blair, Stephen Bromley, and Susie LopezACC/400May 5, 2013Lane Groff E11-1 During its first year of operations, Ritter Corporation had these transactions pertaining to its common stock.Jan. 10 Issued 90,000 shares for cash at $5 per share.July 1 Issued 50,000 shares for cash at $7 per share.Instructions(a) Journalize the transactions, assuming that the common stock has a par value of $5 per share.A)Jan 10Cash$450,000Common Stock$450,000 (To record issuance of 90,000 shares of $5 par value stock)Jul 1Cash$350,000Common Stock$250,000Paid in Capital in Excess of Par Value$100,000 (To record issuance of 50,000 shares of $5 par value stock)(b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.Jan 10Cash450,000Common Stock ($1